CHICAGO, May 2, 2024 /PRNewswire/ -- The report "Engineered Wood Adhesives Market by Resin (Melamine Formaldehyde, Phenol Resorcinol Formaldehyde), Product (CLT, OSB, MDF, LVL), Technology (Solvent-Based, Water-Based), Application (Structural, Non-Structural), and Region - Global Forecast to 2029", size is projected to grow from USD 8.7 billion in 2024 to USD 10.5 billion in 2029, at a CAGR of 3.7%. The construction industry's demand for eco-friendly and healthier adhesives and the rising need to improve performance, durability, and aesthetics are key factors contributing to the growth of the engineered wood adhesives market. The growing investment in emerging markets is expected to create growth opportunities for the market players globally. However, stringent and time-consuming regulatory policies act as a challenge for market players.
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The phenol-resorcinol-formaldehyde segment is expected to account for one of the largest shares in 2023.
Phenol-Resorcinol-Formaldehyde (PRF) resins represent a cornerstone in adhesive technology, particularly valued for their exceptional thermal stability and durability. These resins are designed to withstand extreme conditions, surpassing the combustion point of wood, which underscores their utility in high-stakes applications. Certified by ASTM D-7247, the most rigorous test for adhesive bonds at elevated temperatures, PRF adhesives ensure reliability and safety in critical environments. This level of performance is critical in applications requiring robust, enduring adhesive joints, such as in the construction of load-bearing structures where material failure could have dire consequences.
The plywood segment is expected to account for one of the largest share in 2023.
Plywood remains a cornerstone in the construction and manufacturing industries, renowned for its durability and versatility. Created from thin sheets of cross-laminated veneer, plywood panels are bonded under heat and pressure using strong adhesives. This process imbues the panels with superior dimensional stability and an outstanding strength-to-weight ratio, making plywood an ideal material for a wide range of structural applications. Furthermore, plywood's resistance to impacts, chemicals, and fluctuations in temperature and humidity enhances its utility in demanding environments.
The manufacturing quality of plywood allows it to be produced in a variety of appearance grades, catering to diverse aesthetic and functional needs. These grades range from smooth, natural finishes ideal for decorative and finish work, to more cost-effective options suited for utilitarian purposes such as sheathing. The availability of more than a dozen thicknesses-from 5/16 inch to 1-1/8 inches-and over twenty different grades, allows designers and builders to select the perfect plywood for specific applications, ensuring both efficiency and economy in construction projects.
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Asia Pacific is expected to account for the largest share in 2023.
In 2022, the Asia Pacific region led the global market for engineered wood adhesives in terms of revenue and is projected to continue its rapid growth through 2029. Within the region, China, Japan, and Thailand are key players, with China commanding the largest share of the market. This dominance is supported by its substantial industrial capabilities and an increasing demand for superior quality adhesives. Despite facing economic challenges, the construction industry in the Asia Pacific experienced significant growth in 2022, largely fueled by strong demand for residential developments across its major economies. Additionally, there was a marked increase in investments in infrastructure projects, with regional construction companies actively exploring expansion into new markets.
Key Players:
The key players in the engineered wood adhesives market include H.B. Fuller Company (US), Henkel AG & Co., KGaA. (Germany), AkzoNobel N.V. (Netherlands), Arkema SA (France), BASF SE (Germany), Dow (US), Huntsman Corporation (US), AICA Kogyo Co., Ltd (Japan), Astral Limited (India), and Hexion (US).
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